He was speaking after yesterday's Forum Foreign Affairs Ministers' meeting in Auckland to discuss the situation in Fiji and to review progress towards parliamentary elections by March 2009.
The ministers received a report from a working group on the situation in Fiji and also a briefing from the Fiji interim Government on election preparations.
A delegation from Fiji was granted an exemption from New Zealand's travel ban covering members of the interim government to attend the meeting.
Military leader Voreqe (Frank) Bainimarama, seized power in Fiji in a bloodless coup in December 2006.
Mr Peters said the forum had to enter into the election process as optimists and to "give it our best shot as long-term friends and neighbours of Fiji, as members of the Pacific Forum''.
A timetable had been set before the forum to honour commitments made to hold the elections, he said.
'Unless we give it our best shot, in the point of view of external influences and countries which are capable of assisting the process, then it will not be successful. We want to ensure everything we possibly can within reason to facilitate fair, and free and open elections, in the proper democratic environment by March 2009.''
A ministerial contact group had been established to ensure milestones were met and it would allow the forum to monitor progress.
A timetable for holding the election is expected to be presented to the contact group in two weeks.
Australian Foreign Minister Stephen Smith said discussions among the forum had established a strong starting point for working towards elections but there was still scepticism about two main issues.
There was still a lack of progress by the interim government in terms of preparedness towards the election, he said.
Forum members were also concerned the people's charter process would be used as a distraction from the significance of holding an election or to delay, defer of not hold the election.
The forum and the international community stood ready to render whatever assistance was needed to ensure the elections took place, Mr Smith said.
